"Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets," said Lawrence Yun, NAR chief economist.

As supply lags behind demand, and prices and mortgage rates continue to rise, homebuyers entering the market may find it increasingly unaffordable to buy a home.

Using NAR's data on housing affordability, we discovered the top-five US metro areas where the minimum salary required to qualify for a mortgage, with 20% down, is above $100,000. NAR assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

While the salary needed to buy in these areas is exceptional, purchasing a home in a number of markets across the country remains affordable, with required salaries at or below the median household income of $70,831. The average qualifying income for the US as a whole is $42,962.

Below, check out how much you need to earn to buy a home, and what the median home will cost you, in the most expensive markets.